Renavotio
Announces
2020 Annual Results
Possible
Increased Business Pipeline - Potential Revenue Over the Next 12
Months
Tulsa,
OK -- April 15, 2021 -- InvestorsHub NewsWire
-- Renavotio,
Inc. (OTCQB:
RIII) (the "Company"), a holding company focused on
infrastructure opportunities including personal protective
equipment, 5G, utility construction, utility management, IoT,
water, waste management technology, and related industries, today
announced the Company's financial results for the year ended
December 31, 2020.
Key
Financial Highlights for 2020
-
Revenue of
$4.1 million, of which $2.1 million was generated in the fourth
quarter
- Gross profit of $0.7
million
Key
Business Highlights for 2020
- Successfully merged into
publicly-traded entity and listed onto OTCQB
- Acquired Renavotio
Infratech, Inc.
- Through Renavotio
Infratech, acquired Utility Management Corp and its subsidiaries,
Utility Management & Construction, LLC and Cross-Bo
Construction, LLC
- Developed sales and
logistics in connection with the procurement and delivery process
of our Personal Protective Equipment ("PPE") products
- Expanded marketing plans
with Kevin Harrington who is a principal in Cicero Transact and on
our Advisory Board
- Secured production of PPE
to supply third parties with masks, gloves and gowns, reducing the
chance of counterfeit products being substituted for original
manufactured products
- Sold non-preforming
overseas subsidiaries reducing operating cost and legacy
debt.
Billy
Robinson, Renavotio's
Chief
Executive Officer, commented: "While we are pleased with our
revenue growth to $4.1 million, 2020 was very much a set-up year
for us, as we laid the groundwork to be in a position where we
believe we can potentially ramp our revenue growth in 2021 and
beyond. Our merger to become a publicly-listed company and expanded
investor relations and social media platforms potentially improve
our visibility and access to capital for future growth. Our new
corporate name, Renavotio,
Inc., means "reborn or renew" in Latin, to better illustrate our
current business operations, most significantly our infrastructure
services as our tag line is renew and revitalize our
infrastructure."
Mr. Robinson
continued: "Our Utility Management & Construction business
provides us a stable platform with potentially solid and
predictable revenue and margins. Our emerging entrance into the PPE
sector is exciting and we are well-positioned to capture market
share. Our PPE business was a major contributor to revenue,
especially in the fourth quarter, and we are excited for potential
growth opportunities in front of us. Our team and strategic
partners continue to identify additional new client prospects. We
look forward to reporting our progress on all of these fronts, as
we continue to improve our communications and transparency with all
shareholders."
Subsequent to the
End of 2020
- Signed strategic
partnership with VerifyMe, Inc.,(NASDAQ:VRME) to add
anti-counterfeiting, track and trace and brand protection solutions
to PPE; appointed non-exclusive global preferred sales
representative to promote, market, distribute and sell VerifyMe
products as an enhancement to our PPE products ("PPE"), including
face masks, gloves, gowns, goggles, and face shields, to ensure the
authenticity and origin of our PPE
- Entered into
Master Distribution Agreement with Resgreen Group International,
Inc., (OTC:RGGI), a leading mobile robotics company, to
market and handle all of the logistical functions such as order
processing, shipping, billing and collections for the Wanda SD/SA,
disinfecting robot
- Secured a $2.15
million initial purchase order from a PPE supplier for
boxes of surgical gloves, which order is subject to the buyer's
product inspection and final 60% payment
- Secured an
additional $1.8 million purchase order from a PPE medical
distributor for surgical gloves, the order is subject to the
buyer's product inspection and final payment
Over the next 24
months, Renavotio
will
attempt to expand its business and service offerings,
by:
- Expand Infrastructure
Services, developing relationships with municipalities, utilities,
and construction companies
- Through Cross-Bo, should
it be successful in is planned rollout of 5G mobile
telecommunications services, develop and market those 5G services
through an expanded geographic area, initially into Kansas and
Missouri
- Capitalize on
infrastructure expansion projects in Oklahoma. Capitalize on 5G
expansion in the Midwest to provide Wi-Fi internet to the rural
areas of the Midwest
- Acquire private companies
in the Infrastructure Services area
- Seek strategic
partnerships and/or revenue sharing opportunities in the niche
infrastructure technology solutions area
Financial
Results for the Year Ended December 31, 2020:
Revenue for the year
ended December 31, 2020 was $4.1 million, an increase of $3.9
million, compared to $0.2 million, for the year ended December 31,
2019.
The increase in revenue is primarily related to the acquisitions of
Infratech and Utility Management Corp. in 2020. For 2020, revenue
consisted of $3.1 million from Personal Protective Equipment, $0.4
million from Construction, $0.5 million from Management and $0.06
million from Repair & Maintenance.
Gross profit for the
year ended December 31, 2020 was $0.65 million, an increase of
$0.54 million, compared to $0.1 million, for the year ended
December 31, 2019. The resulting gross margin was 15.9% for the
year ended December 31, 2020, which is not comparable to the year
ended December 31, 2019 because of the
acquisitions of Infratech and Utility Management Corp. in
2020.
General and
administrative expenses were $2.1 million for the year ended
December 31, 2020, an increase of $0.4 million, compared to $1.7
million for the year ended December 31, 2019.
Depreciation expense
was $0.1 million for the year ended December 31, 2020, compared to
$0 for the year ended December 31, 2019.
Operating loss for
the year ended December 31, 2020 was $1.6 million, which was
consistent with the year ended December 31, 2019.
Net loss for the year
ended December 31, 2020 was $1.76 million, an increase of $0.31
million, compared to $1.45 million for the year ended December 31,
2019. The resulting loss per share for the year ended December 31,
2020 was ($0.02) per share, compared to ($0.02) per share for the
year ended December 31, 2019.
About
Renavotio,
Inc.
Renavotio,
Inc. (OTCQB:
RIII) focuses on three unique infrastructure opportunities,
including medical protective equipment, 5G, utility construction,
utility management, IoT, water, waste management technology, and
related industries.
The Company's wholly
owned subsidiary, Renavotio
Infratech, Inc.
("RII"), includes business and acquisition strategies concentrating
on medical protective equipment and infrastructure with utility
construction and consulting/operational agreements with small towns
or county CO-OPS that operate their own water and sewer systems,
providing long-term savings, utilizing smart-utility monitoring,
and dedicated engineering and service personnel. These platforms
capture utility data from hand-held GPS devices or in-place
sensors, with planned use of drones to identify waste
contamination, leak detection, and topographic underground utility
installation planning. RII's wholly owned subsidiary, Utility
Management Corp, is a holding company focused on infrastructure,
5G, utility construction, utility management, IoT, water and waste
management technology, and related industries. Utility Management
Corp's subsidiary, Utility Management and Construction (UMCCO) is
an engineering and smart utility management company that provides a
one-stop solution to rural communities to reduce the consumption of
electricity, data, natural gas, and water utilities for commercial,
industrial and municipal end users. UMCCO's unique approach creates
immediate bottom-line savings for its clients, by providing
engineering, planning, permitting and installation through their
second wholly owned subsidiary, Cross-Bo Construction, which
specializes in water, sewer, Telcom, and 5G design and
installation, establishing a long-term value proposition while also
achieving respective sustainability goals. www.umcco.com
For additional
information on Renavotio,
please click:
www.renavotio.com
Forward
Looking Statement
This news release
includes certain "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities and Exchange Act of 1934, as amended.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include general business, economic,
competitive, regulatory, capital markets, political and social
uncertainties. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements. No information in this news release
should be construed as any indication whatsoever of the Company's
future stock price, revenues, or results of operations. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Investor
Contacts:
Renavotio,
Inc.
601
South Boulder Ave.
Suite
600
Tulsa, OK 74119
Email
Contact: brobinson@renavotio.com
Telephone: 1-888-928-1312
Skyline
Corporate Communications Group, LLC
Lisa
Gray, Senior Account Manager
One
Rockefeller Plaza, 11th Floor
New
York, NY 10020
Office:
646-893-5835
Email:
lisa@skylineccg.com
ClearThink
Email
Contact: nyc@clearthink.capital
Telephone:
917-658-7878
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